Dublin, Sept. 06, 2024 (GLOBE NEWSWIRE) -- The "Global Luxury Fibers Market (2024-2030) | Revenue, Growth, Trends, Forecast, Value, Industry, Size, Share, Analysis & Companies: Market Forecast By Fiber Type, By Application, By Region And Competitive Landscape." report has been added to ResearchAndMarkets.com's offering.
Global Luxury Fibers Market size is anticipated to grow at a CAGR of 13.2% during 2024E-2030F. The Global Luxury Fibres Market has experienced steady growth with a compound annual growth rate (CAGR) of 1.9% during the period 2020-2023.
Changing consumer preferences have significantly influenced the market dynamics, with consumers increasingly gravitating towards premium textile products known for their exceptional quality, durability, and luxurious attributes. Secondly, the rise in disposable incomes across various regions has provided consumers with greater purchasing power, leading to increased spending on luxury goods, including high-end textiles.
The Global Luxury Fibers Market is poised for robust growth in the coming years, driven by several key factors shaping the future landscape. Firstly, there is an increasing demand for sustainable and high-quality products, fueled by growing consumer awareness and preference for eco-conscious choices.
This trend is further accentuated by rising disposable incomes in emerging markets, where consumers are willing to invest in premium goods, including luxury fibers. Gen Z and Millennials are projected to emerge as key drivers of growth in the luxury goods sector, including luxury fibers.
These generations exhibit similar buying patterns and have a strong presence on social media platforms, leading to greater product awareness and engagement through e-commerce channels. With an emphasis on exclusivity, premium quality, and status symbols, Gen Z and Millennials are expected to significantly influence the luxury fibers market's dynamics.
Furthermore, the rapidly rising number of High Net Worth Individuals (HNIs), High Earners Not Rich Yet (HENRYs), millionaires, and upper-middle-class populations will contribute to the expansion of luxury spending. This demographic shift, characterised by elevated consumer values and a penchant for luxury products, is anticipated to drive sustained growth in the luxury fibers market in the coming years.
Market Segmentation by Fiber Type
Silk has maintained its status as a symbol of prestige, luxury, and superior quality since ancient times. As a result, it exudes a regal aura and stands out as the most robust segment within the Luxury Fiber Market. Its enduring demand, universal acceptance and utility worldwide contribute to its resilience. In contrast to luxury fibres such as eiderdown, cashmere, and alpaca, silk products offer versatility for all weather conditions. This unique characteristic sets silk apart from other fibres, ensuring consistent demand and revenue throughout the year.
Market Segmentation by Application
The apparel industry is a significant employer within the Luxury Fiber Market, driving most of its revenue. Consumers typically prefer apparel items for luxury as they are easy to showcase and provides luxurious feel all day, making them more inclined to purchase such products compared to home textiles and accessories. These factors propel high demand from luxury apparel manufacturers globally for such fibre, thereby, multiplying their revenues.
Market Segmentation by Region
Europe is the most lucrative destination for luxury fibres players in the current period. Due to the region's prosperity and high living standards. However, the trend is moving swiftly in favour Asia Pacific region. Realization of APAC region's economic potential which is huge is augmenting the living standards of its population and consequently, widening the consumer base of APAC. Further, globalization and digitization is increasing the usage of digital social networks in the country.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
- Key Highlights of the Report
- Global Luxury Fiber Market Overview
- Global Luxury Fiber Market Outlook
- Global Luxury Fiber Market Forecast
- Historical Data and Forecast of Global Luxury Fiber Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Global Luxury Fiber Market Revenues By Fiber Type, for the Period 2020-2030F
- Historical Data and Forecast of Global Luxury Fiber Market Revenues, By Application for the Period 2020-2030F
- Historical Data and Forecast of Global Luxury Fiber Market Revenues, By Region for the Period 2020-2030F
- Historical Data and Forecast of Global Luxury Fiber Market Revenues, By Countries for the Period 2020-2030F
- Historical Data and Forecast of North America Luxury Fiber Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Asia Pacific Luxury Fiber Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Europe Luxury Fiber Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Middle East and Africa Global Luxury Fiber Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Latin America Luxury Fiber Market Revenues for the Period 2020-2030F
- Global Luxury Fibers Market Opportunity Assessment, By Fiber Type
- Global Luxury Fibers Market Opportunity Assessment, By Application
- Global Luxury Fibers Market Opportunity Assessment, By Region
- Global Luxury Fibers Market Competitive Landscape
- Key Performance Indicators
- Global Luxury Fiber Market - Trends and Evolution
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Key Strategic Recommendation
- Market Scope and Segmentation
Companies Featured
- Loro Piana S.P.A.
- Ermenegildo Zegna N.V.
- Cariaggi Lanificio S.P.A.
- Hinchliffe & Sons
- Filati Biagioli Modesto
- Filati Omega S.r.l.
- Stucken Group
- Down Creators AD
- The New Zealand Merino Company Limited
- Woolyarns Limited
The report provides a detailed analysis of the following market segments:
By Fiber Type
- Silk
- Cotton
- Cashmere
- Angor
- Mahor
- Vicuna
- Paco-Vicuna
- Alpaca
- Eider Down
- Goose Down
By Application
- Apparel
- Home Textile
- Accessories
By Region
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
For more information about this report visit https://www.researchandmarkets.com/r/3d2l6c
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